The Australian dollar is edging higher ahead of China’s latest economic report card

  • The Australian dollar edged higher on Monday, helped by renewed, broad-based US dollar weakness.
  • China will release a raft of major economic data today, headlined by Q1 GDP.
  • There’s also major economic data on the way from the UK and US, along with several speeches from US FOMC members.

The Australian dollar rose against the greenback on Monday, underpinned by remarks from Donald Trump that imply he is comfortable with further US dollar weakness.

Here’s the scoreboard as at 7am in Sydney.

AUD/USD 0.7780 , 0.0014 , 0.18%
AUD/JPY 83.33 , 0.02 , 0.02%
AUD/CNH 4.8742 , 0.0048 , 0.10%
AUD/EUR 0.6284 , -0.0014 , -0.22%
AUD/GBP 0.5425 , -0.0026 , -0.48%
AUD/NZD 1.0565 , 0.0018 , 0.17%
AUD/CAD 0.9771 , -0.0016 , -0.16%

The broader theme of the session was once again movements in the US dollar, this time to the downside.

After trading sideways for much of the Asian session, the USD selling kicked off in early European trade, seeing the US dollar index fall back towards the lows seen late last week.

Losses accelerated shortly before US markets opened following a tweet from Donald Trump which accused Russia and China of “playing the Currency Devaluation game”.

“This suggests Trump may be more comfortable with a lower USD,” said Elias Haddad, Senior Currency Strategist at the Commonwealth Bank.

“Interestingly, Trump’s accusation was not substantiated by the April US Treasury semi annual reports on the foreign exchange policies of the…

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